Oahu’s Housing Market
What is happening in the Oahu Real Estate Market? How are things changing here in Oahu? Hi, I am Fawn Bertram with Homes by Fawn and Hawaii Life Real Estate. I’m going to first talk about the housing stats for June and then I’ll talk about the real estate market now.
Oahu, Hawaii Market Update
In Oahu, we have about 735 single-family homes and about 1,914 condos/townhomes on the market.
Single-family home sales decreased by 7.6% with 302 closed homes over last June but increased by 21.8% from May. For Condos/Townhomes, home sales decreased by 34% with 312 closed sales when compared to the previous year.
The medium sales price for single-family homes decreased by 3.8% to $770k and for condos and townhomes, it decreased by 2.5% to $421,500 from last June.
The median days on the market for single-family homes was 20 days, this is 2 days slower than last year. For condos and townhomes, it was 40 days, this is 13 days slower compared to the previous year.
President of the Honolulu Board of Realtors
Let’s see what the President of the Honolulu Board of REALTORS®, Tricia Nekota said. “The month-over-month improvement indicates our market is steadily strengthening as the state reopens.
With interest rates at record lows, it’s an opportune time for buyers. We also continue to see pent up demand and low inventory creating advantageous conditions for sellers.”
Year-to-date, single-family home sales are at 95% of where they were last year, and condo and townhome sales that are at 78% of 2019 sales. Median prices have been stable – single-family homes saw a 1.3% rise to $785,000, and condos saw a 2.1% increase to $427,750.
What we’re seeing in today’s market is, the inventory is still very low. Even with our numbers down from last year, total sales from May to June of 2020, increased by 22.3%.
The Market is Moving Fast
The market is moving very fast if the home is in a desired location and priced right. Homes are receiving multiple offers. Buyers are actively looking and if you’re thinking about selling, this may be the right opportunity. It’s extremely competitive right now. Interest rates are still incredibly low. It’s a great time to reach out and speak to your lender.
The market is changing quickly and if you would like more information or would like to know what’s happening in your neighborhood, please reach out. I would love to help. I hope you are all staying safe and healthy. More information, visit my Youtube channel with more helpful tips on the home buying and selling process. I’m Fawn Bertram with Homes by Fawn and Hawaii Life Real Estate. Make it a great home buying and selling day.